Core Viewpoint - The company, Andeli, is a leading exporter in the domestic concentrated juice industry, maintaining a high export share through the first three quarters of 2025, with increasing contributions from emerging markets along the Belt and Road Initiative [1] Group 1: Export Markets - The company exports to traditional markets such as the United States, Japan, Russia, and South Africa [1] - Since 2025, the company has seen a significant increase in export share to emerging markets in Central Asia and Southeast Asia [1]

（文章来源：证券日报） 证券日报网12月17日讯安德利在12月17日回答调研者提问时表示，公司股东减持方面，本次相关股东减 持系其基于股东合理资金需求的自主安排，只减持1%，且股东已严格按照监管要求履行了信息披露义 务，不存在您所担忧的"清仓卖给投资者"的情形；投资者权益保护方面，公司始终高度重视投资者合法 权益，通过稳健经营、规范信息披露、积极开展投资者交流等方式，持续与投资者保持良性互动，努力 以良好的经营发展回报广大投资者；在股份回购方面，公司的股份回购事项会结合自身发展战略、经营 实际、市场环境等因素综合考量，并严格按照相关法律法规及监管规则推进，后续若有相关计划，公司 将及时履行信息披露义务。公司将继续专注主业经营，稳步推进各项业务布局。 ...

Core Viewpoint - The company is optimizing its revenue and profitability while increasing dividends and share buybacks to reward investors [2] Group 1: Financial Performance - Since its listing on the Hong Kong stock market in 2003, the company has distributed a total of 635 million RMB in dividends [2] - From 2020 to 2024, the company has progressively increased its dividend payouts, with amounts of 0.5 RMB, 0.5 RMB, 1.0 RMB, 2.2 RMB, and 2.5 RMB per 10 shares respectively [2] - The company has repurchased a total of 10.7 million shares, 9.6 million shares, 8.7 million shares, and 7.8 million shares from 2020 to 2024, spending a total of 299 million HKD on these buybacks [2] Group 2: Share Buyback and Investor Returns - The total amount spent on share buybacks since the company's listing is 657 million HKD, with a total of 36.8 million shares repurchased and subsequently canceled [2] - Between June and September 2025, the company repurchased 7.012 million shares for 122 million HKD [2] - Cumulatively, the company has returned a total of 1.2 billion RMB to investors through dividends and share buybacks since its listing [2] Group 3: Compliance and Future Plans - The company will adhere to the "Management Measures for Information Disclosure of Listed Companies" and other legal regulations for any future share buyback plans, ensuring timely information disclosure [2]

Group 1 - The core logic of industry consolidation in the concentrated juice sector remains unchanged, focusing on "increased concentration and dominance of leading enterprises" [2] - Over the past three years, traditional large manufacturers have faced operational difficulties, leading to debt issues, lawsuits, and even bankruptcy restructuring, while some small and medium-sized producers have exited the market due to financial and environmental pressures [2] - Leading enterprises are leveraging their financial strength, multi-regional production capacity, and economies of scale to capture market share, resulting in a stable competitive landscape dominated by two major players [2] Group 2 - The trend of industry consolidation is expected to continue for the next 3 to 5 years, adhering to the same logic of resource aggregation towards leading companies [2]

Core Viewpoint - The company emphasizes the importance of policy guidance and aims to create effective demand through high-quality supply in its business layout [2] Group 1: Business Strategy - The company will leverage its existing production and supply chain systems to optimize green production processes and enhance traceability and sustainable sourcing of raw materials in the green food sector [2] - In terms of quality consumption supply, the company plans to deepen product innovation and quality enhancement, aligning new product launches and optimizing product structure with market demand [2] - The company will continue to follow policy guidance and deepen initiatives in relevant areas to match market demand with high-quality supply [2]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first three quarters of 2025, driven by increased sales of core products and an improved product mix [2] Group 1: Financial Performance - The company achieved a revenue of 1.321 billion yuan, representing a year-on-year increase of 28.88% [2] - The net profit attributable to shareholders reached 283 million yuan, reflecting a year-on-year growth of 43.38% [2] Group 2: Growth Drivers - The growth in revenue and profit is attributed to three main factors: 1. Increased sales volume and improved product structure, particularly in concentrated juice sales, which significantly boosted revenue [2] 2. The accelerated release of industry pattern dividends, with a competitive landscape dominated by two major players, leading to market share consolidation towards leading companies [2] 3. Advantages in production capacity and channel layout, with the company completing a capacity layout across 7 provinces and 10 factories, and experiencing significant order growth from emerging markets along the "Belt and Road" initiative [2]

Group 1 - The company is closely monitoring innovations in collaboration with retail terminals to promote mutual business development [2]

证券日报网12月17日讯安德利在12月17日回答调研者提问时表示，公司前三季度销售毛利率为 24.38%，较2025年上半年23.93%实现了小幅增长，增长的原因主要包括两点：一是成本端管控成效显 著，公司依托多产区原料布局，同时规模化生产摊薄了单位加工、能耗成本，有效控制了营业成本。二 是产品结构持续优化，高毛利率的高端果汁产品在营收中的占比持续提升，这类产品定价相对独立于传 统浓缩果汁，其盈利水平显著高于常规品类，拉动了整体毛利率的上行，实现了盈利能力的稳步改善。 （文章来源：证券日报） ...

Core Viewpoint - The company reported a revenue growth of approximately 29% in the first three quarters of the year compared to the same period last year, despite a fluctuation in the third quarter due to seasonal business rhythms affecting shipment volumes [2] Group 1: Financial Performance - Revenue growth for the first three quarters is about 29% year-on-year [2] - The third quarter experienced a decrease in shipment volumes due to objective factors related to some customers' seasonal business operations [2] Group 2: Strategic Focus - The company is closely monitoring its operational status and will continue to focus on its core business [2] - Plans are in place to optimize business layout and resource allocation while actively expanding market channels and improving operational efficiency [2] - The company aims to steadily improve its operational performance [2]

（文章来源：证券日报） 证券日报网12月17日讯安德利在12月17日回答调研者提问时表示，消费升级下健康饮品、功能食品的需 求增长是行业重要发展趋势，公司对此保持高度关注并持续开展市场调研与布局研判。在现有果汁、番 茄汁等产品基础上，公司会结合自身资源禀赋、市场需求及行业竞争格局，评估拓展其他健康食品领域 的可行性。后续若有具体规划，公司将严格按照监管要求履行信息披露义务。 ...